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JP Morgan has been crowned the Best Bank Overall for Foreign Exchange Dealing at the 2018 FX Week Best Banks Awards, topping the rankings for the second consecutive year and pushing Citi into the runner-up position.

HSBC assumed third place from Deutsche Bank and bagged wins in three categories, including Best Bank for Renminbi. The German dealer slipped to fourth place with one award, Best Bank for FX in the Eurozone.

The FX Week Best Banks Awards asks banks, corporates and investors to vote for their favourite counterparties across 41 categories, covering geographies, products, currency pairs and technology. JP Morgan picked up nine awards this year, adding three more wins to its tally compared with last year.

As well as topping the overall rankings, JP Morgan has been voted the winner of these eight categories: Best Bank for FX for Banks; Best Bank for FX for Investors; Best Bank for Spot FX; Best Bank for FX forwards; Best Bank for EUR/USD; Best Bank for USD/JPY; Best Bank for EUR/JPY; and Best Bank for e-Trading.

The question of scale has really become an issue in FX this year

Chi Nzelu, JP Morgan

Chi Nzelu

“The question of scale has really become an issue in FX this year. Infrastructure costs are continuing to rise, fragmentation shows no signs of abating and spreads remain extremely competitive to the point where we have seen compression in some markets,” says Chi Nzelu, head of CEM automated trading strategies at JP Morgan.

“FX distribution may not be particularly expensive compared with some other asset classes; however, in today’s world, offering a complete suite of market-making services and algorithmic products does require scale and an efficient customer franchise to sustain the recurring investments,” Nzelu adds.

Citi slipped to second place in 2017, for the first time since 2012, having ruled the roost for four years from 2013. Still, the bank increased the number of its awards to seven, picking up Best Bank for FX for Corporates, Best Bank for FX in North America, and Best Bank for FX Prime Brokerage, among others.